THE UK'S LEADING DEVELOPER OF LOCAL AND NEIGHBOURHOOD RETAIL CENTRES

Newcrest is delighted to announce that it has agreed a development finance facility with the Royal Bank of Scotland. The facility of circa £4.0 million is being utilised to finance the construction of the district centre at Oakridge Park. The scheme, comprising 15,000 square feet let to ASDA with a further 10,000 square feet of retail and ancillary first floor space, is currently under construction by Simons Group and is due for completion in August 2016. Once complete, the development finance facility converts to a term loan mitigating any re-finance risk.

In addition, three further lettings have been secured on the retail space to Banardos, Indigo Sun and Jardines. The residual units are currently being marketed and they are generating strong interest.